Royal Bank of Canada Downgrades Neumora Therapeutics (NASDAQ:NMRA) to Sector Perform

Neumora Therapeutics (NASDAQ:NMRA) was downgraded by research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. They presently have a $4.00 target price on the stock, down from their previous target price of $29.00. Royal Bank of Canada’s price target would indicate a potential upside of 96.08% from the company’s current price.

Several other brokerages also recently issued reports on NMRA. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Neumora Therapeutics in a research report on Monday, December 16th. Needham & Company LLC restated a “buy” rating and issued a $23.00 target price on shares of Neumora Therapeutics in a report on Thursday. Finally, JPMorgan Chase & Co. downgraded shares of Neumora Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $18.00 to $15.00 in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.40.

Neumora Therapeutics Stock Performance

NASDAQ:NMRA traded down $8.56 during mid-day trading on Thursday, hitting $2.04. 21,934,642 shares of the company’s stock traded hands, compared to its average volume of 751,982. Neumora Therapeutics has a 1 year low of $1.83 and a 1 year high of $21.00. The company has a market cap of $329.58 million, a PE ratio of -1.09 and a beta of 3.34. The firm’s 50 day simple moving average is $10.89 and its 200 day simple moving average is $11.59.

Neumora Therapeutics (NASDAQ:NMRA) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.06). During the same period in the previous year, the business posted ($1.14) earnings per share. On average, research analysts expect that Neumora Therapeutics will post -1.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Matthew K. Fust sold 14,049 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $17.03, for a total value of $239,254.47. Following the completion of the sale, the director now owns 20,100 shares of the company’s stock, valued at $342,303. This represents a 41.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert A. Lenz sold 5,563 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $15.01, for a total transaction of $83,500.63. Following the sale, the insider now directly owns 322,966 shares of the company’s stock, valued at approximately $4,847,719.66. This trade represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 26.40% of the company’s stock.

Institutional Investors Weigh In On Neumora Therapeutics

A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in Neumora Therapeutics by 54.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,979,847 shares of the company’s stock worth $26,159,000 after acquiring an additional 694,385 shares during the period. Barclays PLC lifted its position in shares of Neumora Therapeutics by 352.9% during the third quarter. Barclays PLC now owns 129,210 shares of the company’s stock worth $1,708,000 after purchasing an additional 100,678 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Neumora Therapeutics by 139.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 698,255 shares of the company’s stock valued at $9,224,000 after purchasing an additional 406,891 shares during the period. Point72 Asset Management L.P. purchased a new stake in Neumora Therapeutics during the 3rd quarter worth $1,097,000. Finally, Callan Capital LLC lifted its holdings in Neumora Therapeutics by 222.6% in the 2nd quarter. Callan Capital LLC now owns 661,194 shares of the company’s stock worth $6,500,000 after buying an additional 456,207 shares in the last quarter. Institutional investors and hedge funds own 47.65% of the company’s stock.

Neumora Therapeutics Company Profile

Neumora Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutic treatments for brain diseases, neuropsychiatric disorders, and neurodegenerative diseases. The company develops navacaprant (NMRA-140), a novel once-daily oral kappa opioid receptor antagonist, which is in phase 3 clinical trials for the treatment of major depressive disorder.